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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-16197

PEAPACK-GLADSTONE FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey

22-3537895

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

500 Hills Drive, Suite 300

Bedminster, New Jersey 07921-0700

(Address of principal executive offices, including zip code)

 

(908) 234-0700

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, no par value

 

PGC

 

The NASDAQ Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

Number of shares of Common Stock outstanding as of July 29, 2022: 18,190,009

 

 

 

 

 

 

 


 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

PART I FINANCIAL INFORMATION

 

Item 1

 

Financial Statements (Unaudited)

3

 

 

Consolidated Statements of Condition at June 30, 2022 and December 31, 2021

3

 

 

Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021

4

 

 

Consolidated Statements of Comprehensive Income/(Loss) for the three and six months ended June 30, 2022 and 2021

5

 

 

Consolidated Statement of Changes in Shareholders’ Equity for the three and six months ended June 30, 2022 and 2021

6

 

 

Consolidated Statements of Cash Flows for the six months ended March 31, 2022 and 2021

8

 

 

Notes to Consolidated Financial Statements

9

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

47

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

67

Item 4

 

Controls and Procedures

69

 

 

PART II OTHER INFORMATION

 

Item 1

 

Legal Proceedings

 

69

Item 1A

 

Risk Factors

 

69

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

70

Item 3

 

Defaults Upon Senior Securities

 

70

Item 4

 

Mine Safety Disclosures

 

70

Item 5

 

Other Information

 

70

Item 6

 

Exhibits

 

71

 

 

2


 

Item 1. Financial Statements

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands, except per share data)

 

 

(unaudited)

 

 

(audited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

6,203

 

 

$

5,929

 

Federal funds sold

 

 

 

 

 

 

Interest-earning deposits

 

 

147,222

 

 

 

140,875

 

Total cash and cash equivalents

 

 

153,425

 

 

 

146,804

 

Securities available for sale

 

 

556,791

 

 

 

796,753

 

Securities held to maturity (fair value $95,642 at June 30, 2022 and $108,460 at December 31, 2021)

 

 

105,048

 

 

 

108,680

 

Equity security, at fair value

 

 

13,528

 

 

 

14,685

 

FHLB and FRB stock, at cost

 

 

13,710

 

 

 

12,950

 

Loans held for sale, at fair value

 

 

515

 

 

 

3,040

 

Loans held for sale, at lower of cost or fair value

 

 

14,956

 

 

 

34,051

 

Loans

 

 

5,153,873

 

 

 

4,806,721

 

Less: Allowance for credit losses (1)

 

 

59,022

 

 

 

61,697

 

Net loans

 

 

5,094,851

 

 

 

4,745,024

 

Premises and equipment

 

 

22,804

 

 

 

23,044

 

Other real estate owned

 

 

116

 

 

 

 

Accrued interest receivable

 

 

23,468

 

 

 

21,589

 

Bank owned life insurance

 

 

46,944

 

 

 

46,663

 

Goodwill

 

 

36,212

 

 

 

36,212

 

Other intangible assets

 

 

11,870

 

 

 

12,690

 

Finance lease right-of-use assets

 

 

3,209

 

 

 

3,582

 

Operating lease right-of-use assets

 

 

14,192

 

 

 

9,775

 

Other assets

 

 

39,528

 

 

 

62,451

 

TOTAL ASSETS

 

$

6,151,167

 

 

$

6,077,993

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

1,043,225

 

 

$

956,482

 

Interest-bearing deposits:

 

 

 

 

 

 

   Checking

 

 

2,456,988

 

 

 

2,287,894

 

   Savings

 

 

168,441

 

 

 

154,914

 

   Money market accounts

 

 

1,217,516

 

 

 

1,307,051

 

   Certificates of deposit - retail

 

 

375,387

 

 

 

409,608

 

   Certificates of deposit - listing service

 

 

31,348

 

 

 

31,382

 

Subtotal deposits

 

 

5,292,905

 

 

 

5,147,331

 

Interest-bearing demand - brokered

 

 

85,000

 

 

 

85,000

 

Certificates of deposit - brokered

 

 

25,963

 

 

 

33,818

 

Total deposits

 

 

5,403,868

 

 

 

5,266,149

 

Short-term borrowings

 

 

 

 

 

 

Finance lease liabilities

 

 

5,305

 

 

 

5,820

 

Operating lease liabilities

 

 

14,756

 

 

 

10,111

 

Subordinated debt, net

 

 

132,844

 

 

 

132,701

 

Deferred tax liabilities, net

 

 

21,376

 

 

 

39,322

 

Accrued expenses and other liabilities

 

 

52,694

 

 

 

77,502

 

TOTAL LIABILITIES

 

 

5,630,843

 

 

 

5,531,605

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred stock (no par value; authorized 500,000 shares; liquidation preference of $1,000 per share)

 

 

 

 

 

 

Common stock (no par value; stated value $0.83 per share; authorized 42,000,000 shares; issued
   shares,
20,952,809 at June 30, 2022 and 20,656,810 at December 31, 2021; outstanding
   shares,
18,190,009 at June 30, 2022 and 18,393,888 at December 31, 2021)

 

 

17,466

 

 

 

17,220

 

Surplus

 

 

334,411

 

 

 

332,358

 

Treasury stock at cost, 2,762,800 shares at June 30, 2022 and 2,262,922 shares
   at December 31, 2021

 

 

(82,725

)

 

 

(65,104

)

Retained earnings

 

 

309,899

 

 

 

274,288

 

Accumulated other comprehensive loss, net of income tax

 

 

(58,727

)

 

 

(12,374

)

TOTAL SHAREHOLDERS’ EQUITY

 

 

520,324

 

 

 

546,388

 

TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY

 

$

6,151,167

 

 

$

6,077,993

 

 

(1)
Commencing on January 1, 2022, the allowance calculation is based on the current expected credit loss methodology. Prior to January 1, 2022, the calculation was based on the incurred loss methodology.

 

See accompanying notes to consolidated financial statements

3


 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

44,641

 

 

$

36,497

 

 

$

85,113

 

 

$

71,881

 

Interest on investments:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

3,535

 

 

 

3,020

 

 

 

7,142

 

 

 

5,649

 

Tax-exempt

 

 

18

 

 

 

36

 

 

 

39

 

 

 

79

 

Interest on loans held for sale

 

 

12

 

 

 

36

 

 

 

23

 

 

 

91

 

Interest on interest-earning deposits

 

 

314

 

 

 

97

 

 

 

343

 

 

 

225

 

Total interest income

 

 

48,520

 

 

 

39,686

 

 

 

92,660

 

 

 

77,925

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest on savings and interest-bearing deposit accounts

 

 

2,914

 

 

 

1,689

 

 

 

4,696

 

 

 

3,478

 

Interest on certificates of deposit

 

 

651

 

 

 

1,027

 

 

 

1,257

 

 

 

2,497

 

Interest on borrowed funds

 

 

10

 

 

 

182

 

 

 

74

 

 

 

391

 

Interest on finance lease liability

 

 

64

 

 

 

76

 

 

 

132

 

 

 

155

 

Interest on subordinated debt

 

 

1,363

 

 

 

2,147

 

 

 

2,727

 

 

 

4,292

 

Subtotal - interest expense

 

 

5,002

 

 

 

5,121

 

 

 

8,886

 

 

 

10,813

 

Interest on interest-bearing demand - brokered

 

 

364

 

 

 

456

 

 

 

737

 

 

 

949

 

Interest on certificates of deposits - brokered

 

 

261

 

 

 

264

 

 

 

522

 

 

 

525

 

Total interest expense

 

 

5,627

 

 

 

5,841

 

 

 

10,145

 

 

 

12,287

 

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

 

 

42,893

 

 

 

33,845

 

 

 

82,515

 

 

 

65,638

 

Provision for credit losses (1)

 

 

1,449

 

 

 

900

 

 

 

3,824

 

 

 

1,125

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

41,444

 

 

 

32,945

 

 

 

78,691

 

 

 

64,513

 

OTHER INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fee income

 

 

13,891

 

 

 

13,034

 

 

 

28,725

 

 

 

25,165

 

Service charges and fees

 

 

1,063

 

 

 

896

 

 

 

2,015

 

 

 

1,742

 

Bank owned life insurance

 

 

310

 

 

 

466

 

 

 

623

 

 

 

1,077

 

Gain on loans held for sale at fair value (mortgage banking)

 

 

151

 

 

 

409

 

 

 

398

 

 

 

1,434

 

Gain on loans held for sale at lower of cost or fair value

 

 

 

 

 

1,125

 

 

 

 

 

 

1,407

 

Fee income related to loan level, back-to-back swaps

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of SBA loans

 

 

2,675

 

 

 

932

 

 

 

5,519

 

 

 

2,381

 

Corporate advisory fee income

 

 

33

 

 

 

121

 

 

 

1,594

 

 

 

1,219

 

Loss on swap termination

 

 

 

 

 

(842

)

 

 

 

 

 

(842

)

Other income

 

 

860

 

 

 

1,495

 

 

 

2,114

 

 

 

2,138

 

Loss on securities sale, net

 

 

 

 

 

 

 

 

(6,609

)

 

 

 

Fair value adjustment for CRA equity security

 

 

(475

)

 

 

42

 

 

 

(1,157

)

 

 

(223

)

Total other income

 

 

18,508

 

 

 

17,678

 

 

 

33,222

 

 

 

35,498

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

 

21,882

 

 

 

19,910

 

 

 

44,331

 

 

 

41,900

 

Premises and equipment

 

 

4,640

 

 

 

4,074

 

 

 

9,287

 

 

 

8,187

 

FDIC insurance expense

 

 

503

 

 

 

529

 

 

 

974

 

 

 

1,114

 

Swap valuation allowance

 

 

 

 

 

 

 

 

673

 

 

 

 

Other operating expense

 

 

5,634

 

 

 

6,171

 

 

 

11,563

 

 

 

11,077

 

Total operating expenses

 

 

32,659

 

 

 

30,684

 

 

 

66,828

 

 

 

62,278

 

INCOME BEFORE INCOME TAX EXPENSE

 

 

27,293

 

 

 

19,939

 

 

 

45,085

 

 

 

37,733

 

Income tax expense

 

 

7,193

 

 

 

5,521

 

 

 

11,544

 

 

 

10,137

 

NET INCOME

 

$

20,100

 

 

$

14,418

 

 

$

33,541

 

 

$

27,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.10

 

 

$

0.76

 

 

$

1.83

 

 

$

1.46

 

Diluted

 

$

1.08

 

 

$

0.74

 

 

$

1.79

 

 

$

1.42